Homeowners should first understand that the question “Does my homeowner's insurance cover that?” needs to be asked prior to sustaining a loss. Once a loss has occurred, there is nothing that can be done if a policy is inadequate.
Whether you have homeowner's insurance in New Jersey, Pennsylvania, or Delaware, making assumptions about coverage can be both risky and costly. To some degree, however, it is understandable. You see, most people purchase their homeowner's insurance when they first buy their home. Many buy it because their lender requires it and actual coverage is secondary to merely acquiring it. But, as time goes by, things change. Remodeling may be done to the home, the value may have skyrocketed, and the owner may have more equity. This also means they are at more risk.
Some may even assume their homeowner's and personal insurance may cover any calamity. Nothing could be further from the truth.
Your Policy Has Coverage Limits
To start with, all policies have coverage limits. If the policy's limit is less than the loss, the homeowner will be liable for any difference. This can be particularly problematic if the homeowner has a collection of jewelry, antiques or other valuables. It can also be a problem if a property's value has exceeded a policy's coverage limits.
A Home-Based Business May Not Be Covered
Those with a home-based business may be surprised to learn that any business-related inventory, furniture, electronic, and other valuables will likely not be covered under a homeowner's insurance policy. To properly cover a home-based business, a rider to the homeowner's policy covering the business needs to be added. Contact your insurance agent to discuss any business activities you may conduct at home and how your business can be covered.
While relatively rare, earthquakes can occur in Delaware Valley. That's why it is important to check and see if you will be covered in such an event. Even small earthquakes can cause significant foundational damage. Earthquake insurance in Delaware Valley in inexpensive and can provide homeowners greater peace of mind.
Flooding can occur as the result of rising lakes and rivers, storm surge, heavy rains, and even as the result of clogged drains or backed -up sewers. Water damage, including any resulting mold, can be extensive and expensive. Flood insurance must be purchased separately through a government-sponsored insurer. Odds are if you don't know if you have flood insurance, you probably do not have it. Contact your insurance agent to verify coverage.
Getting an Insurance Review
We can get you the answers to “Does my homeowner's insurance cover that?” with a no-obligation insurance review. The Hardenbergh Insurance Group is a family owned and operated company serving the Delaware Valley for three generations. We are qualified to review any homeowner's policy issued by any provider. We can let you know where you are properly covered and areas where you may want to close the gaps. If you like, we can even provide a quote that may prove to be more cost-effective than your present policy. Contact Hardenbergh Insurance Group and get the answers to your questions today.
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